Tractor Trailer Insurance Cost

How Much Does Tractor Trailer Insurance Cost?

The cost of tractor trailer insurance depends on many variables and it can differ from trucker to trucker. The only way to know what your tractor trailer insurance rate will be is to begin talking to insurance agents. After an agent learns about you, your driving experience, and the coverages you need, he can give you an exact quote. But before speaking to an agent, it’s sometime a good idea to look at industry averages, so you’ll know whether you’re getting a good deal or not. These are the current average tractor trailer insurance costs.

Tractor Trailer Insurance Average Cost (Overall)

An owner-operator leased to a carrier can get a policy to cover their tractor trailer (physical damage, NTL, Bobtail) usually between $2,500 and $5,000 a year.

New authorities typically see a tractor trailer insurance cost of between $10,000 and $16,000 for their first year, with cheaper rates after that.

Tractor Trailer Coverage Average Cost

Coverage

Average Cost

Primary Liability

$4000-5000

General Liability

$200-600

Umbrella Policy

$200-500

Physical Damage

$2000-3000

Bobtail Insurance

$350-400

Un-/Underinsured Motorist

$50-100

Cargo Insurance

Varies

Other Endorsements

Varies

What Determines Your Tractor Trailer Insurance Cost?

Apart from the coverages you choose, your overall cost is determined by your risk assessment, that is to say, the statistical likelihood that you’ll end up costing an insurance company money. Your supposed risk to an insurance company is determined by:

How to Lower the Cost of Tractor Trailer Insurance

Ask for Discounts – Insurance companies offer discounts for a wide range of things, from installing airbags in your truck to maintaining a clean driving record. When speaking to your agent, don’t be afraid to ask about discounts. You never know what you might qualify for.

Pay in fewer installments – Truckers have seen their yearly premium reduced by 30% just by paying in yearly, not monthly, installments. While this might not be feasible to many truckers (how many truckers have an extra $7000 laying around?), if you can pay upfront, you should consider it.

Request a higher deductible – If lowering your premium is an absolute must, you can request a higher deductible. But this should be your last resort. A higher deductible means a higher out-of-pocket cost in the event of an accident and could end up costing you more in the long-run.

Shop around – The best way to get a lower premium without sacrificing the coverages you need is to simply shop around. Contact several insurance agents before ultimately deciding who to go with. We’ve made this part easy. Use our free Request 3 Quotes form to get in touch with three separate tractor trailer insurance agents who are ready to earn your business.